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Wells Fargo Fined $1.5M By FINRA Over Customer ID Lapses

The Financial Industry Regulatory Authority on Thursday said it has fined two Wells Fargo & Co. units $1.5 million for failing to verify the identity of 22,000 customer account holders, all due to a software glitch that went undetected for nearly a decade.

  • Howrey Trustee Settles With 7 Former Partners

    The bankruptcy trustee for failed law firm Howrey LLP has reached deals to claw back money from seven former partners of the firm who founded Belgian IP boutique Hoyng Monegier LLP.

  • Steptoe Hit With $129M Calif. Legal Malpractice Suit

    Steptoe & Johnson LLP and a one-time partner of the firm were hit with a $129 million legal malpractice suit Tuesday in California state court, in which they are accused of failing to properly advocate for developers in a fight to secure big claims against a bankrupt mutual fund executive.

  • Simpson Thacher Guides $2.9B Apax Orange Exit

    Apax Partners LP said on Thursday that it would sell Swiss mobile phone group Orange Communications SA for 2.8 billion Swiss franc ($2.86 billion) — a 40 percent premium to what the U.S. private equity shop paid for the company just three years ago — in a deal shaped by Simpson Thacher & Bartlett LLP.

  • $75M NCAA Concussion Settlement Rejected By Judge

    An Illinois federal judge on Wednesday rejected a $75 million settlement to resolve lawsuits brought by ex-NCAA athletes claiming they have suffered long-term damage from concussions, telling parties to resume negotiations because he has concerns about the fairness of the deal.

  • Fed. Circ. Strikes Down More Myriad Cancer Test Patents

    The Federal Circuit ruled Wednesday that three Myriad Genetics Inc. breast cancer test patents are invalid for claiming patent-ineligible subject matter, another major setback for the company after the U.S. Supreme Court ruled last year that it could not patent human genes.